Allowed

A.K.Sasi v. Authorised Officer

Kerala HC14 Jan 2022WP(C)/1314/2022

Case brief

AI extract

What is this about?

This court granted the petitioners an opportunity to regularise their loan account by accepting repayment of the overdue amount in instalments, keeping coercive proceedings under Section 14 of the SARFAESI Act in abeyance.

What did the court decide?

Order to accept repayment of Rs.7,80,947/- in 11 instalments regularizing the account upon conditions, including one-time deposit of Rs.1,00,000/- and keeping Section 14 SARFAESI proceedings in abeyan

A.K.Sasi Vs Authorised Officer — Banking and Recovery | Kerala HC (2022)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

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FRIDAY, THE 14^TH DAY OF JANUARY 2022 / 24TH POUSHA, 1943

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WP(C) NO. 1314 OF 2022

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PETITIONERS :

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1 A.K.SASI, AGED 55 YEARS, S/O.KANNAN, ATHIKKAYAM HOUSE, PANATHOOR P.O., VELLARIKKUND TALUK, KASARAGOD DISTRICT, PIN - 671 532

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2 PRASEETHARANI P., AGED 51 YEARS, W/O.A.K.SASI, ATHIKKAYAM HOUSE, PANATHOOR P.O., VELLARIKKUND TALUK, KASARAGOD DISTRICT, PIN - 671 532

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BY ADV A.ARUNKUMAR

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RESPONDENTS :

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1 AUTHORISED OFFICER, HOUSING DEVELOPMENT FINANCE CORPORATION LTD., HDFC HOUSE, MG ROAD, KOCHI 682 016

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2 HOUSING DEVELOPMENT FINANCE CORPORATION LTD. REP.BY ITS BRANCH MANAGER, HDFC LTD., KANNUR BRANCH, HIGHWAY ARCADE, THANA, KANNUR 670 532

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BY ADV.S AMBILY, SC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON

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14.01.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 1314 OF 2022

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BECHU KURIAN THOMAS, J.

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W.P.(C). No.1314 of 2022

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Dated this the 14^th day of January, 2022

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JUDGMENT

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Petitioners as borrowers from the respondent bank, have committed default in repayment. Consequently, proceedings have been initiated by the bank for recovery of the amounts due.

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During the course of hearing, petitioners have confined the

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relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.

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It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the overdue amount as on 01.01.2022 is Rs.7,80,947/-. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.

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I have heard Sri.Arunkumar A., the learned counsel for the petitioners as well as Smt.S.Ambily, the learned Standing Counsel for the respondents.

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WP(C) NO. 1314 OF 2022

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Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the overdue amount in '11' instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.

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Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.7,80,947/- along with bank charges from the petitioners and regularise the loan account of the petitioners on the following conditions :

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(i) The overdue amount of Rs.7,80,947/- shall be repaid in '11' monthly instalments.

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(ii) The petitioners shall deposit an amount of Rs.1,00,000/- on or before 5.00 p.m.on 27.01.2022. If the aforesaid amount is paid, then the petitioners will be entitled to repay the balance amount in '10' equated monthly instalments commencing from 28.02.2022.

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(iii) Petitioners shall continue to pay the regular EMI’s along with the instalments directed above.

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(iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.

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WP(C) NO. 1314 OF 2022

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(v) In order to enable the petitioners to repay the entire amounts, all coercive proceedings under Section 14 of the SARFAESI Act shall be kept in abeyance.

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The writ petition is disposed of as above.

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Sd/- BECHU KURIAN THOMAS, JUDGE

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RKM

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WP(C) NO. 1314 OF 2022

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APPENDIX OF WP(C) 1314/2022

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PETITIONERS' EXHIBITS :

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Exhibit P1 A TRUE COPY OF THE ORDER DATED 7.12.2021 IN CMP NO.237 OF 2021 OF THE CHIEF JUDICIAL MAGISTRATE, KASARGOD. Exhibit P2 A TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED NIL.

A.K.Sasi v. Authorised Officer

Case brief

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A.K.Sasi v. Authorised Officer

Case brief

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